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Home Business News

FG approves $1.5 billion for immediate rehabilitation of Port Harcourt refinery

Chike Olisah by Chike Olisah
March 17, 2021
in Business News, Energy, Spotlight
Nigeria to spearhead Africa refinery capacity additions by 2024 – GlobalData
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The Federal Executive Council (FEC) has approved the sum of $1.5 billion for the immediate rehabilitation of the largest refining firm in the country, the Port Harcourt refinery.

This follows a memo by the Minister of State for Petroleum Resources, Timipre Sylva, on its rehabilitation, which was presented to the council and its subsequent approval today, March 17, 2021.

According to a tweet post by Bashir Ahmad, the Personal Assistant to the President on New Media, on his official Twitter handle, this disclosure was made by Sylva, while briefing State House Correspondents, after the FEC meeting on Wednesday, March 17, 2021.

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The Minister said that the rehabilitation of the refinery which was awarded to an Italian company, Tecnimont SPA, will be done in 3 phases of 18, 24 and 44 months.

Bashir Ahmad in his tweet post said, ‘’The Federal Executive Council (FEC) approves the sum of $1.5 billion for the rehabilitation of Port Harcourt Refinery. The rehabilitation which was awarded to  Tecnimont SPA, an Italian company will be done in three phases of 18, 24 and 44 months, Honourable Minister of State for Petroleum Resources, Sylva has disclosed.’’

READ: NNPC and other state oil companies risk wasting $400 billion on Oil and Gas investments

Sylva said, ‘’The first phase will be completed in 18 months which takes the refinery to a production of 90 percent of its capacity, the second phase will be completed in 24months, while the final phase will be completed in 44months. The contractor approved by the council is an Italian E and EPC company who won the bid to handle the rehabilitation project.’’

Sylva assured that the maintenance which is a recurring challenge for the nation’s refineries was elaborately discussed in council, adding that a professional will be employed to manage the refinery after the rehabilitation.

READ: Why NNPC should be commercialised

The Federal Executive Council (FEC) approves the sum of $1.5 billion for the rehabilitation of Port Harcourt Refinery. The rehabilitation which was awarded to Tecnimont SPA, an Italian company, will be done in three phases of 18, 24 and 44 months, HMSPR Sylva has disclosed.

— Bashir Ahmad (@BashirAhmaad) March 17, 2021

 


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Tags: Nigeria NewsPort-Harcourt Refinery
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 3

  1. Ezeuduibi says:
    March 17, 2021 at 10:11 pm

    This is another settlement and wind-fall for party men bcs in the next 5yrs nothing would come out it .

    Reply
  2. anodebenze says:
    March 18, 2021 at 5:45 pm

    Govt of settlement,you can built another refinery with 1 billion dollar,there are many new refinery to be built in Nigeria,even by some foreigner.even Mr Dangote is building the biggest refinery in Africa,what a waste of money.
    This is the biggest problem in Nigeria lead by Mr Buhari govti.e idea that will not work(2)misplaced priority(3)Dullards in charge e.t.c

    Reply
  3. Uchenna ogbonna says:
    July 15, 2021 at 10:53 am

    That is a good news

    Reply

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